Wheat Added more Gains

The U.S. wheat markets continued the gains from yesterday closing the week 2.2 to 5.8% higher. KC was up the most on Friday closing 6 to 6 1/2 cents higher. For July that was a 5.8% gain on the week. SRW wheat futures closed 4 1/4 to 6 1/4 cents higher, up 2.5% from Fri to Fri. July spring wheat futures gained 5 3/4 cents on Friday for a week’s move of 2.2%. The other front months closed the Friday session with 4 1/4 to 5 cent gains. USDA reported old crop wheat sales for the week ending May 21 at 209,783 MT. New crop wheat sales from the report were above trader expectations, with 496,539 MT sold. Shipments from the report added 561,235 MT to the accumulated 23.725 MMT. That is 90% of the May forecast with 2 weeks left, commitments are already above the forecast. In the weekly CoT report, managed money were net buyers of SRW wheat wk/wk reducing their net short to 12,204 contracts. In HRW wheat managed money was 25,743 contracts net short on 05/26. Funds added 12,226 shorts wk/wk. MPLS wheat spec traders were shown slightly less net short at 22,918 contracts. SovEcon sees 2020/21 wheat exports at 36.8 MMT for Russia. If it plays out, that would be 3 MMT above 19/20 and 2nd highest exports for the nation all time. USDA’s forecast for Russian wheat exports is 35 MMT.

Jul 20 CBOT Wheat closed at $5.20 3/4, up 6 1/4 cents,

Jul 20 KCBT Wheat closed at $4.70 1/2, up 6 1/2 cents,

Jul 20 MGEX Wheat closed at $5.25, up 5 3/4 cents,

--- provided by Brugler Marketing & Management

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